426 17th Street

426 E. 17th Street, Long Beach, CA 90813

Sale Price

$1,750,000

Investment Overview

Units

7

Year Built

1923

Price Per SF

$403

Price Per Unit

$250,000

Current Cap Rate

4.46%

Market Cap Rate

5.62%

Current GRM

13.77

Market GRM

11.70

The Offering

426 E. 17th Street is a value-add investment asset located in Long Beach with seven units plus one non-conforming unit.

The courtyard-style property with gated entrance offers a unit mix consisting of (4) 1 BD/1 BA and (4) studios. There is onsite laundry and two garages on the property providing additional income.

The property is conveniently located within walking distance to public transportation along Long Beach Boulevard, which runs to Downtown Long Beach, and nearby to PCH, providing easy access to the 710 freeway.

426 E. 17th Street presents a new buyer with the opportunity to capture ±20% Gross income upside on existing rents. There is additional value add potential in permitting the non-conforming unit.

Investment Highlights

  • Value-Add Opportunity with ±20% Rental Upside Potential
  • Desirable Mix of (4) 1 BD / 1 BA* and (4) Studio Units
  • Additional Upside Potential by Permitting the 8th Unit
  • Additional Income from Laundry, Parking and Storage